In the era of big data, your business probably collects huge swaths of data. If you’re not using the right analysis tools, however, all this information might not be very useful to you. This is why you need to make sure you’re not only implementing the right software, but the right metrics as well.
You should be keeping tabs on your workforce management with analytics.
What is workforce analytics?
Workforce management analytics combines software and methodologies to analyze your worker-related data. The goal is the optimization of human resource management by gaining powerful insights into your workforce management activities.
Now that you understand what workforce analytics are, you’re likely wondering which ones you need to measure. These workforce management analytics are the ones you should be keeping an eye on to truly optimize your workforce.
Keep an Eye on Productivity as Part of Workforce Management Analytics
Just how much are your employees getting done? If there’s a huge to-do list or a pile of unfinished tasks at the end of each day, you need to ask why your team isn’t getting everything done.
There may be a number of factors affecting productivity. You might just have too much work, or maybe you have vacant positions you need to fill. You might have the wrong people on the team, or perhaps morale and motivation aren’t as high as you need them to be.
Measuring the productivity of the workforce as a whole and for individual employees can help you identify patterns. This can help you determine causes and even brainstorm better solutions. Improving productivity is easier than ever with the right analytics.
Look at Your Turnover Statistics
Another one of the important workforce management analytics to watch is your turnover statistics. In particular, you’ll want to be sure you’re measuring voluntary turnover. These are employees voluntarily deciding to leave employment with you.
Turnover can become quite costly for businesses, and you want to try to retain your best talent. Take a look at why these people are leaving. Is there anything you can do to curb turnover?
Employee Engagement Is an Important Metric
How engaged are your employees? It’s an important question because engagement actually affects both productivity and turnover. Dissatisfied employees don’t produce, and they may eventually leave the company.
There’s plenty you can do to boost employee engagement, but you need to be able to identify it as an issue before you can take steps to correct it. Workforce management analytics can help you see changing patterns in employee engagement. You can be more proactive when it comes to keeping employees engaged and productive.
Recruitment Is Another Area to Watch
There are several recruitment measures you’ll want to keep tabs on. Specifically, you should be looking at things like how long a position was vacant, turnover within the first year, hiring diversity, and onboarding speeds.
All these measures add up to tell you exactly how efficient and effective your recruitment process is. If your positions are staying vacant for a long time, for example, it might be time to look at the process. Is there something you could do to speed up hiring? Maybe you’re not attracting the right talent.
These insights can tell you how to rethink your recruitment process so you can make better hires.
Keep an Eye on Cost Analysis
Finally, you should be looking at the costs of all your workforce management activities. Is a long recruitment process costing you money? Is it more economical to invest in employee engagement initiatives than to continue with high turnover?
These workforce management analytics will help you better manage your workforce. With the insights they provide, you can make better decisions for your business and your team.